Princeton City Council

Lost Grove Acres adds $12m to Princeton tax base

Council OKs $128K payment to developer

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Development of Lost Grove Acres added $12.13 million in assessed value to Princeton over the past decade.

Council members approved a $128,390 payment this year to Lost Grove Acres developer Martin Foit, Inc. That money represents about 60 percent of this year’s city, school and county taxes paid by owners of 48 homes in the subdivision.

Council members on Nov. 8 approved the city’s annual tax increment financing report that shows Princeton owes approximately $600,000 in rebates to Foit for development of Lost Grove Acres, a private residential subdivision on the city’ north side.

The council in 2006 authorized annual rebates to the developer equal to 60 percent of the city, school and other property taxes generated by the new homes.

This year, those new taxes generated an increment of $150,677, of which $128,390 was paid to the developer.

The payments continue through 2022.

Rezoning for Anderson 400

Princeton council members created a new, green business park zoning distinction they hope will usher in a data center, insurance firm headquarters, training center, or some 20 other restricted uses to a planned 400-acre business park on the town’s south side.

The new zoning code outlines specific uses that Paul and Marijo Anderson envision for the Anderson 400, the family farm they are marketing for a green, or environmentally friendly, business campus.

The Andersons are working with the Iowa Economic Development Authority to create the state’s largest green business park certified by the IEDA. Council members wanted a new zoning classification to provide some local control on the state-certified site.

The new zoning classification requires developers, “to protect what might traditionally be viewed as impediments to development, such as floodplains and wetlands, as well as its optimization of energy performance and sustainable infrastructure, such as on-site renewable energy, water efficient landscaping and water use reduction.”

The area is intended to have a “park-like” atmosphere conducive to quality development, according to the new zoning class.

No one spoke at a public hearing before the council action.

The council on Nov. 8 created the new class, then waived subsequent readings so it became effective after one meeting. Then the council unanimously agreed to rezone the specific property from residential to the new green business park zoning classification.

The new classification offers 22 specific uses, including:

Business incubator and culinary incubator.

Corporate offices, call centers, banks or credit unions without drive up facilities.

Meeting hall/convention facility, amphitheater.

Personnel training center; human resources center.

Light industry and assembly, including assembly and packaging of pharmaceuticals for distribution, but no direct sales of pharmaceuticals.

Government administrative facilities.

Research facilities for energy, environmental science or sustainability.

Library, museum, park, nature center or interpretive center.

The new zoning also allows, “other similar uses, which, in the opinion of the City Council, are similar to the permitted uses and which conform to the general purpose and intent …”

The code details two primary sites of 50 or more acres, and five smaller sites of at least one acre. It also sets environmental considerations, including:

Parking lots with at least 20 percent permeable pavement.

“Climate-appropriate vegetation,” and native plants.

A minimum of one tall tree per at least 15 parking spaces.

Setting aside 20 percent of parking for compact or electric cars.

The maximum recycling possible.

Pedestrian and bicycle access throughout the property.

Princeton credit cards

Princeton council members unanimously approved a new credit card agreement with Blackhawk Bank & Trust for a no-fee card with a 12.99-percent fixed rate. The card generates a point for every $2 in net purchases.

The new policy provides Blackhawk Bank & Trust credit cards for Princeton clerk Katie Enloe, deputy clerk Patty Morgan, Police Chief Brian Carsten, Fire Chief Karen Woomert, Public Works foreman Josh Genz and Public Works employee Ty Carstens.

It also provides four Casey’s General Store credit cards to the police chief, two officers and the city clerk. The clerk also will have a Staples credit card.

The new policy allows credit card use for, “purchases requiring immediate payment where the city is unable to issue a check for the purchase.”

All purchases still must have prior council approval for non-budgeted expenses.

Lost Grove Acres, Princeton City Council, Martin Foit Inc, Anderson 400, Paul Anderson, Marijo Anderson, Iowa Economic Development Authority, Blackhawk Bank & Trust, Katie Enloe, Patty Morgan, Princeton Police Department, Brian Carsten, Princeton Fire Department, Karen Woomert, Josh Genz, Ty Carstens, Casey's General Store

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